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Article: Eastern Pulp & Paper Gets 7.5% Wage Cuts from Its Unionized Workers; CEO Says 'Huge Step toward Exiting Chapter 11.'.
- Article from:
- Business Wire
- Article date:
- June 19, 2003
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Business Editors
AMHERST, Mass.--(BUSINESS WIRE)--June 19, 2003
-Hourly employees at Eastern Paper's two papermaking centers in Maine will have their wages reduced 7.5% effective June 30. It is latest of a series of cost-cutting measures this month that the company says will restore financial health and strengthen its ability to meet customer needs.
The wage reductions were ordered late Wednesday afternoon by U.S. Bankruptcy Chief Judge James B. Haines, Jr., in Portland, Maine. Eastern Paper produces commercial printing papers, fine tissues and specialty technical papers.
"This is a huge step toward exiting from Chapter 11 bankruptcy ...